Turkey to boost minimum wage 26 pct

By Gokhan

ISTANBUL

As of New Year’s Day, Turkey is raising its minimum wage by over 26 percent to 2,020 Turkish liras a month ($381.3).

The new gross minimum wage, before deductions such as social security premiums and income taxes, is 2,558 ($482.9), Zehra Zumrut Selcuk, Turkey's family, and social services minister, said on Tuesday.

She said the hike set by the minimum wage commission tops the country's inflation rate.

As of this November, annual inflation was 21.62 percent, according to the Turkish Statistical Institute.

The minimum wage of 2,020 is for single and childless persons, said Selcuk.

"The minimum wage for married people with three children is 2,155 Turkish liras ($406.9)," she added.

During 2018, the net minimum wage was 1,603 ($333.3). This year the average Turkish lira/U.S. dollar exchange rate was 4.81.